A Business at a Glance
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Waters Corporation (the “Company,” “we,” “our,” or “us”), a global leader in analytical instruments and software, has pioneered innovations in chromatography, mass spectrometry and thermal analysis serving life, materials and food sciences for more than 65 years. The Company primarily designs, manufactures, sells and services high-performance liquid chromatography (“HPLC”), ultra-performance liquid chromatography (“UPLC” and together with HPLC, referred to as “LC”) and mass spectrometry (“MS”) technology systems and support products, including chromatography columns, other consumable products and comprehensive post-warranty service plans. These systems are complementary products that are frequently employed together (“LC-MS”) and sold as integrated instrument systems using common software platforms.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.2B | 3.2B | 3.0B | 3.0B | 3.0B | 2.8B |
| Net Income | 643M | 643M | 638M | 642M | 708M | 693M |
| EPS | $10.76 | $10.76 | $10.71 | $10.84 | $11.73 | $11.17 |
| Free Cash Flow | 540M | 540M | 620M | 442M | 436M | 586M |
| ROIC | 17.4% | 22.3% | 24.2% | 22.0% | 42.5% | 50.5% |
| Gross Margin | 59.3% | 59.3% | 59.4% | 59.6% | 58.0% | 58.5% |
| Debt/Equity | 0.76 | 0.76 | 0.93 | 2.17 | 3.40 | 4.36 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 803M | 803M | 826M | 818M | 873M | 822M |
| Operating Margin | 25.4% | 25.4% | 27.9% | 27.7% | 29.4% | 29.5% |
| ROE | 25.1% | 29.3% | 34.9% | 55.8% | 140.3% | 188.5% |
| Shares Outstanding | 60M | 60M | 60M | 59M | 60M | 62M |
WATERS CORP /DE/ passes 6 of 9 quality checks, suggesting mixed fundamentals.
WATERS CORP /DE/ trades at 30.2x trailing earnings, compared to its 15-year median P/E of 29.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 59.0x vs a median of 34.6x. The company's 5-year average ROIC is 32.3% with a gross margin of 59.0%. At current prices, the estimated annualized return to fair value is +2.7%.
WATERS CORP /DE/ (WAT) has a current P/E ratio of 30.2, compared to its historical median P/E of 29.6. The stock is currently considered Fair based on its historical valuation range.
WATERS CORP /DE/ (WAT) has a 5-year average return on invested capital (ROIC) of 32.3%. This indicates strong capital allocation and a potential competitive advantage.
WATERS CORP /DE/ (WAT) has a market capitalization of $19.4B. It is classified as a large-cap stock.
WATERS CORP /DE/ (WAT) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.08%.
Based on historical P/E analysis, WATERS CORP /DE/ (WAT) appears fair. The current P/E of 30.2 is 2% above its historical median of 29.6. The estimated fair value CAGR (P/E method) is 8.6%.
WATERS CORP /DE/ (WAT) operates in the Laboratory Analytical Instruments industry, within the Technology sector.
WATERS CORP /DE/ (WAT) reported annual revenue of $3.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
WATERS CORP /DE/ (WAT) has a net profit margin of 20.3%. This is a strong margin indicating high profitability.
WATERS CORP /DE/ (WAT) generated $540 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
WATERS CORP /DE/ (WAT) has a debt-to-equity ratio of 0.76. This indicates moderate leverage.
WATERS CORP /DE/ (WAT) reported earnings per share (EPS) of $10.76 in its most recent fiscal year.
WATERS CORP /DE/ (WAT) has a return on equity (ROE) of 29.3%. This indicates the company generates strong returns for shareholders.
WATERS CORP /DE/ (WAT) has a 5-year average gross margin of 59.0%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for WATERS CORP /DE/ (WAT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
WATERS CORP /DE/ (WAT) has a book value per share of $42.88, based on its most recent annual SEC filing.
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